Singapore state investor Temasek Holdings has jumped into China’s nascent but highly competitive bike-on-demand market by investing into Mobike, a leading app for bike rentals on the mainland. Beijing-headquartered Mobike announced on Monday that it has secured new investment from Temasek and Hillhouse Capital, a leading global investment management firm based in Asia, bringing its total funding in 2017 to US$ 300 million. Mobike refused to reveal the exact investment amount from the two companies. The investment is the latest after Mobike announced a series D fundraising of US$ 215 million led by Warburg Pincus in early January, which was followed by a strategic investment from Foxconn. Mobike gets US$215 million in series D funding “We are the clear leader in our industry globally, and are excited that our investors and other strategic partners recognise and support our ambitious goal to transform urban transport globally. In 2017, we will continue to invest in enhancing our technology, increasing our production capacity, recruiting top talent to our team, and in promoting Mobike’s innovative model internationally,” said Davis Wang, co-founder and CEO of Mobike in a statement. Wang claimed that the US$ 215 funding has made Mobike the best capitalised company in China’s Uber-for-bike industry where a dozen start-ups are tapping into the burgeoning on-demand economy in the country by enabling people to rent a bike via smartphone. Mobike and the Beijing-based Ofo are leading players in the bike on demand market, which has about 17 companies operating in the sector in China. Ofo, which has Didi Chuxing among its backers, raised US$150 million in its latest fundraising in October 2016. The company is reportedly in talks to secure a new round of funding. Venture capital firms have been major backers of the bike-on-demand market in China, even though the business model is uncertain. Both Mobike and Ofo have announced plan to enter overseas markets. Mobike is believed to be looking to expand its service to Singapore, while Ofo will target the US and UK. Foxconn to make smart bicycles for Mobike’s sharing service In late January, Mobike announced an strategic partnership with Foxconn which will boost its product capacity for smart bikes to 10 million units annually. Since launching its service in April 2016, Mobike has attracted 10 million users across 21 cities. Since launch about 200 million Mobike rides have been logged in China. .